玖龙纸业2025/2026中期业绩报告

Contents Corporate Information Ken Liu Ms. Cheung YanJP(Chairlady)Mr. Liu Ming Chung(Deputy Chairman and Chief Executive Officer)Mr. Zhang Cheng Fei(Deputy Chairman and Deputy Chief Executive Officer)Mr. Ken Liu(Deputy Chairman and Vice President)Mr. Zhang Lianpeng(Vice President)Ms. Zhang Lianru(resigned on 30 September 2025) Independent Non-Executive DirectorsMs. Chan Man Ki, Maggie MH, JPDr. Li HuiqunDr. Cao ZhenleiMr. Sun Po YuenJP(appointed on 16 October 2025)Mr. Lam Yiu Kin(retired on 11 December 2025) Ken Liu EXECUTIVE COMMITTEEMs. Cheung YanJP(Chairlady) Mr. Liu Ming ChungMr. Zhang Cheng FeiMr. Ken Liu AUDIT COMMITTEEMr. Sun Po YuenJP(Chairman) Ms. Chan Man Ki, MaggieMH, JPDr. Li HuiqunDr. Cao Zhenlei REMUNERATION COMMITTEEMs. Chan Man Ki, MaggieMH, JP(Chairlady) Dr. Li HuiqunMr. Sun Po YuenJPMr. Liu Ming ChungMr. Zhang Cheng Fei NOMINATION COMMITTEEMs. Cheung YanJP(Chairlady) Ms. Chan Man Ki, MaggieMH, JPDr. Li HuiqunMr. Sun Po YuenJPMr. Zhang Cheng Fei CORPORATE GOVERNANCE COMMITTEEDr. Li Huiqun(Chairlady) Ms. Chan Man Ki, MaggieMH, JPMr. Sun Po YuenJPMs. Cheung YanJPMr. Zhang Cheng Fei ACGHKACG AUTHORISED REPRESENTATIVESMr. Zhang Cheng Fei Ms. Cheng Wai Chu, JudyACG, HKACG ACGHKACG COMPANY SECRETARYMs. Cheng Wai Chu, JudyACG, HKACG 2025/2026Interim Report Corporate Information (Continued) REGISTERED OFFICEClarendon House, 2 Church StreetHamilton HM 11, Bermuda Clarendon House, 2 Church StreetHamilton HM 11, Bermuda 181One Harbour Square221(852) 3929 3800(852) 3929 3890 HONG KONG OFFICE Unit 1, 22/F., One Harbour Square181 Hoi Bun Road, Kwun TongKowloon, Hong KongTel:(852) 3929 3800Fax:(852) 3929 3890 AUDITOR PricewaterhouseCoopersCertified Public Accountants andRegistered Public Interest Entity Auditor Conyers Dill & Pearman LEGAL ADVISERSConyers Dill & Pearman (Bermuda)Sidley Austin (Hong Kong)Zhong Lun Law Firm (PRC) PRINCIPAL BANKERS Bank of CommunicationsBank of ChinaAgricultural Bank of ChinaThe Export-Import Bank of ChinaIndustrial and Commercial Bank of ChinaChina Construction BankChina Merchants BankChina Minsheng BankPostal Savings Bank of China SHARE REGISTRAR AND TRANSFER OFFICEPrincipal:Conyers Corporate Services (Bermuda) Limited Clarendon House2 Church StreetHamilton HM 11Bermuda Conyers Corporate Services (Bermuda) LimitedClarendon House2 Church StreetHamilton HM 11Bermuda Hong Kong branch:Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt Road, Hong KongTel:(852) 2980 1333Fax:(852) 2810 8185 愨1617(852) 2980 1333(852) 2810 8185 WEBSITE www.ndpaper.comwww.irasia.com/listco/hk/ndpaper www.ndpaper.comwww.irasia.com/listco/hk/ndpaper MAIN PRODUCTS KRAFTLINERBOARD 1) 1)KraftlinerboardKraftlinerboard is unbleached linerboard manufactured from unbleached wood pulp and recovered paper. TheGroup classifies different classes of products into NineDragons, Sea Dragon, Land Dragon and River Dragonso as to cater to the different needs of the customers. 2) 2)Testlinerboard Testlinerboardis made of 100%recovered paper.Itmeetscertain customers’requirements for lower costandenvironmentally friendly purposes.The Groupclassifies different classes of products into Sea Dragonrecycledpapers,Land Dragon recycled papers andRiverDragon recycled papers so as to cater to thedifferent needs of the customers. 100% 3) 3)White Top LinerboardWhite top linerboard is a three-ply sheet of which the surface layer is bleached, and caters to customers thatrequirea white surface for appearance or superiorprintability.The Group classifies different classes ofproductsinto Nine Dragons,Sea Dragon and LandDragonso as to cater to the different needs of thecustomers. 4)Coated Linerboard 4) Coatedlinerboard is a four-ply sheet of which thesurfacelayer is coated on bleached wood pulp.Itpossessesthe characteristics of high performance(asthat of kraftlinerboard) and high printability (as that ofcoatedduplex board),which can replace thetraditional coated duplex board. The Group classifiesdifferentclasses of products into Nine Dragons andLand Dragon so as to cater to the different needs ofthe customers. Main Products (Continued)Main Products (Continued)Main Products (Continued) BLEACHED FOLDING BOXBOARD Bleached folding boxboard is a one-side or both-side coatedpaperthat has been calendered and finished with thesurfaceand bottom layers of raw paper in bleached kraftpulp and the middle layer in mechanical wood pulp. Givenitssuperior printability,it is mainly used in packaging forfood, pharmaceuticals, daily necessities, electronic products,cosmetics,hang tags,carrying bags and toys,and cards,etc.The Group offers various types of products,such asNine Dragons Brand (Full-Weight), Sea Dragon Brand (Ultra-HighBulk),bleached folding boxboard used in dailynecessities, ECO-Dragon Brand food-grade bleached foldingboxboard, Nine Dragons Brand coated papers and playingcardsso as to cater to the different needs of the customers.Amongthese,the Ultra-High Bulk produ